Answer:
7 years
Step-by-step explanation:
An initial investment of $200 is now valued at $350.
The annual interest rate is 8% compounded continuously.
Formula:
[tex]A=Pe^{rt}[/tex]
Where,
A is amount, A=350
P is principle, P=200
R is rate of interest, r=0.08
t is time, t=?
Substitute the value into formula
[tex]350=200e^{0.08\cdot t}[/tex]
[tex]e^{0.8t}=1.75[/tex]
Taking ln both sides
[tex]0.08t = ln(1.75)[/tex]
[tex]t=6.99\approx 7[/tex]
Hence, 7 years ago money was invested.
